Kindred Group’s revenue declined by 30% in the first quarter of 2022, largely caused by the company’s departure from the Netherlands.

In total, the group’s total revenue was £247 million (US$322 million) for the first quarter of 2022, a decrease of more than £100 million from £352.6 million in the prior year period.

Underlying EBITDA also declined in the first quarter, falling from £106 million a year earlier to £25 million, although this remained at a similar level to the fourth quarter’s £27.6 million.

All of this was revealed in a trade update published ahead of Kindred’s full Q1 report due out on April 28.

In this update, the company mainly attributed its annual revenue drop to the newly regulated Dutch online gaming and casino market, which went live last October.

As it has not yet been approved to operate in the Netherlands, the company was forced to “temporarily cease activity in the Dutch market”. Kindred’s total revenue still experienced a 5% decline.

Despite the drop, Kindred continues with good results in several markets

But nevertheless, the company insisted that its active markets “performed well against the comparative period last year”. Ultimately, the group said this highlights “the importance of a diversified market footprint”.

The first quarter wasn’t all bad either. While Kindred’s revenue was down year over year, it experienced a modest quarterly increase over the previous quarter.

For Q4 2021, the company’s revenue was £245m, meaning Q1 2022 saw an increase of approximately £2m.

More information will be revealed when Kindred publishes its first quarterly report later this month, most likely including an update on its Dutch license application, which Kindred CEO Henrik Tjärnström said was “moving along as planned” in group’s fourth quarter and full year 2021 report.